1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time April 14, 2005 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements(1) Seasonally adjusted unless noted otherwise Millions of dollars -------------------------------------------------------------------------------------------------------------------------------------------- Reserves of depository institutions Borrowings of depository institutions from the Federal Reserve, NSA -------------------------------------------------- -------------------------------------------------- Date total(2) non- required excess Monetary total primary secondary seasonal borrowed(3) NSA(4) base(5) -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2004-Mar. 44742 44690 42937 1805 727276 51 23 0 28 Apr. 45691 45605 43884 1807 730895 86 29 0 57 May 45389 45277 43745 1644 734654 112 9 0 103 June 46083 45903 44196 1887 739553 180 40 0 140 July 46374 46129 44672 1702 746138 245 42 0 203 Aug. 45130 44878 43593 1537 747448 251 18 0 233 Sep. 46331 45996 44752 1579 751650 335 97 0 238 Oct. 46105 45926 44386 1719 754133 179 15 0 164 Nov. 46018 45835 44247 1771 758182 183 105 0 78 Dec. 46639 46576 44727 1911 758261 63 11 0 52 2005-Jan. 47664 47602 45922 1742 760900 62 39 0 23 Feb. 45730 45688 44201 1529 764492 42 26 0 16 Mar. p 46624 46575 44792 1833 766072 49 13 0 37 2 weeks ending(7) 2005-Feb. 16 43586 43556 42111 1475 763124 30 16 0 15 Mar. 2 47598 47547 46008 1590 765846 51 35 0 17 16 45245 45207 43411 1834 764399 39 7 0 32 30 47973 47922 46106 1867 768248 51 9 0 42 Apr. 13p 45107 44932 43287 1820 759469 175 112 0 63 --------------------------------------------------------------------------------------------------------------------------------------------- 1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3). 2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) 3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 4. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less adjusted required reserves (Table 2, column 3). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on Table 3.) 6. Prorated averages of biweekly averages. 7. Averages of daily figures. p preliminary 1 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements(1) Not seasonally adjusted Millions of dollars ------------------------------------------------------------------------------------------------------------------------------------------- Reserves of depository institutions Vault cash(5) -------------------------------------- -------------------------------------- Reserve used to Net carryover Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve base(3) with F.R. required balances(8) Banks(4) reserves(6) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2004-Mar. 44176 44124 42371 736439 12047 44450 32129 12321 Apr. 46064 45978 44257 740315 14093 42849 31971 10877 May 46334 46223 44691 743750 14082 43023 32253 10770 June 45711 45531 43824 749469 13194 43592 32517 11075 July 46835 46591 45133 757062 13374 44458 33461 10997 Aug. 45872 45620 44334 757175 12418 45042 33454 11588 Sep. 46532 46197 44953 760994 13044 44840 33489 11352 Oct. 45747 45568 44028 763663 12010 46659 33736 12923 Nov. 45652 45469 43881 768803 12116 45570 33536 12035 Dec. 46812 46750 44901 774745 12017 47259 34795 12463 2005-Jan. 50397 50335 48656 773204 14032 47668 36365 11303 Feb. 46703 46661 45174 772467 12255 47640 34447 13193 Mar. p 46059 46010 44226 773670 12071 46726 33988 12738 2 weeks ending(10) 2005-Feb. 16 43491 43461 42016 770733 10212 48295 33280 15015 263 Mar. 2 49036 48985 47446 774379 13888 46780 35148 11632 168 16 43217 43178 41383 772373 11081 45868 32136 13732 -80 30 48677 48626 46809 775249 12872 47672 35805 11868 116 Apr. 13p 43251 43077 41431 768319 11088 45381 32164 13217 299 -------------------------------------------------------------------------------------------------------------------------------------------- 1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 3. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Currency and vault cash figures are measured over computation periods ending on Mondays. 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. 5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 6. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 7. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. 8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. 9. Prorated averages of biweekly averages. 10. Averages of daily figures. p preliminary 1 H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements(1) Not seasonally adjusted Millions of dollars --------------------------------------------------------------------------------- Reserves of depository institutions --------------------------------------- Date total(2) nonborrowed required(3) Monetary base(4) ---------------------------------------------------------------------------------- Month(5) 2004-Mar. 44069 44018 42264 725637 Apr. 45897 45811 44089 729928 May 46108 45997 44465 733470 June 45444 45264 43556 738930 July 46501 46256 44799 746540 Aug. 45479 45228 43942 746633 Sep. 46098 45763 44518 750525 Oct. 45268 45089 43549 752781 Nov. 45108 44925 43337 758300 Dec. 46371 46309 44460 764581 2005-Jan. 50311 50249 48569 763728 Feb. 46636 46595 45107 763193 Mar. p 45953 45904 44121 764491 2 weeks ending(6) 2005-Feb. 16 43434 43404 41959 760932 Mar. 2 48955 48904 47365 765668 16 43124 43086 41290 762771 30 48556 48505 46689 766453 Apr. 13p 43120 42946 41300 758749 1. Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). 3. To adjust required reserves for discontinuities due to regulatory changes in in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. 4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 5. Prorated averages of biweekly averages. 6. Averages of daily figures. p preliminary Note: Current and historical H.3 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.